Brad Keselowski, who failed to make the Chase for the Sprint Cup this season, thereby unable to defend last season's championship, will have four more seasons to try again.
Penske Racing announced Wednesday that Keselowski and primary sponsor Miller Lite beer have both signed contract extensions to remain together through the 2017 season.
"The extensions of our agreements with both Brad Keselowski and MillerCoors put our team in a real position of strength moving forward," team owner Roger Penske said in a statement. "This is an important day as these agreements will allow Penske Racing to invest significantly in our people and our technology, two critical areas to a successful race team."
Keselowski, 29, drives the No. 2 Ford Fusion for Penske Racing and has been sponsored by Miller Lite since 2011, when sponsorship switched from the car of former teammate Kurt Busch to that of Keselowski.
Busch left the team after the 2011 season after a highly-publicized confrontation with ESPN reporter Dr. Jerry Punch in that season's final race, at Homestead, Fla.
"I am fully committed to Penske Racing and Miller Lite," said Keselowski. "This will allow us to further grow our program and contend for championships on a consistent basis. It's an exciting time to be a part of this organization and I look forward to a successful future."
Miller Lite will sponsor Keselowski for 24 races -- two-thirds of the 36-race Sprint Cup schedule -- as well as serve as secondary associate sponsor for the other 12 races.
Miller Lite had previously sponsored Keselowski's No. 2 Ford for all 36 races, but reportedly scaled back to 24 for the next four seasons at Penske's request, allowing the organization to attract and bring in new sponsors to the team and sport.
The beer company has been associated with Penske Racing for the past 23 NASCAR seasons, and more than 30 years overall in other types of sponsorship including IndyCar.
Keselowski, whose current two-year contract with Penske Racing was due to expire at the end of this season, is teammates with Joey Logano, who moved to the team this season after a four-year stint at Joe Gibbs Racing.